hello. i'mjoanna gosling, live in westminster — where in the next half an hour, the chancellor will present the government's mini—budget, where tax—cuts under consideration could cost at least £30bn. ina bid in a bid to boost economic growth. the government will reverse the national insurance hike and scrap the planned rise in corporation tax. it's believed they could cut stamp duty and end the cap on bankers�* bonuses. labour says the plans will leave people paying for much longer — we'll bring you analysis throughout the day on bbc news — and if you want to send in your questions or thoughts on the mini—budget — get in touch. i'm @bbcjoannag on twitter — or use the #bbcyourquestions

and i'm chris rogers — the other stories on bbc news. several regions of ukraine occupied by russia begin voting in so—called referendums on whether to become part of russia. protests continue across iran after the death of a young woman detained by the �*morality police�*. her father says they lied about how she died. and some promising news. scientists say a new type of cancer therapy is looking hopeful. hello, i'mjoanna gosling, in westminster ahead of the government's �*mini—budget�* annoncement this morning. the chancellor kwasi kwarteng is expected to unveil tax cuts and increases in public spending as part of plans to boost economic growth. it's not a full budget — that's due

later this year but it still has some pretty sizeable changes.let�*s have a look at what could be announced. the chancellor will confirm it will let people keep more of their earnings by cutting national insurance contributions & go through with the plan to cut corporation tax. the government could also cut other taxes — such as stamp duty — and lift the cap on bankers�* bonuses — which was brought in after the financial crash. and there could be a tightening of the rule around universal credit. the tax—cutting plans under consideration could cost at least £30bn. the statement will come at about half past nine... let's speak to our chief political correspondent, nick eardley. good morning. there is not much many about what has been called a mini budget, in the next half hour, the jan slack will announce the single

tax—cutting event since the 1980s. some of the tax measures we know are coming will cost the government around 30 million pounds but actually if we get everything that has been talked about in government, it could be as much as £50 billion. i think it is likely that later this morning we will see the government raised the threshold in which people

�*in the �* in the summer the remember in the summer during the tory leadership campaign, there were no... there are still many conservatives who are uncomfortable with this and opposition parties say the they government has got its priorities all wrong. labour argue this is trickle down economics that will not work, should be taxing the energy companies who are making record profits even more to pay for some of these measures rather than borrowing and meikle people pay it backin borrowing and meikle people pay it back in the future. have a listen to labour�*s pat mcfadden. this isn't really a plan for growth, it's a return to some very old style tory policies, based on the belief that if you make those who are already wealthy even wealthier, it will somehow trickle down to the rest of us. it is not a plan that the country needs — you can see the debate coming, there

is a big ideological divide between the government and the opposition on what the best way to achieve economic growth is. but this is a government in a hurry. it is probably only two years until a general election and that means that the chancellor has to get on with delivering plans quickly to try and persuade people that they are going to have economic benefits. so, joanna, and halfan to have economic benefits. so, joanna, and half an hour's time we will see a big moment for the government, a big moment for the economy and a big moment for the country as this political and economic experiment takes off. thank ou. it is economic experiment takes off. thank yom it is to — economic experiment takes off. thank yom it is to be — economic experiment takes off. thank you. it is to be and _ economic experiment takes off. thank you. it is to be and rainy _ economic experiment takes off. thank you. it is to be and rainy budget, a fiscal event that the scale of their tax cuts are the largest we have seenin tax cuts are the largest we have seen in any full budget going back 30 years, with billions of tax cuts expected to be announced and those huge spending commitments we have

seen. lets talk more about it. today is what was first coined a �*fiscal event�*, but it�*s now a mini—budget, but despite that, tax cut for millions are set to be unveiled, with me now is 0lly bartrum, senior economist at the institute for government. if it was a full budget it would be accompanied by an assessment. there is some disquiet that that is not happening. can you explain what is the office for budget responsibility and why was it set up? the the office for budget responsibility and why was it set up?— and why was it set up? the office for budget _ and why was it set up? the office for budget responsibility - and why was it set up? the office for budget responsibility is - and why was it set up? the office for budget responsibility is the l for budget responsibility is the government�*s official broadcaster and it was set up in 2010 to provide and it was set up in 2010 to provide an objective assessment of what was going on in the economy and what the impact of certain economic policies where. before 2010, the chancellor used to produce his own forecast with the assistance of treasury officials. with these forecasts were often too optimistic, they thought growth would be higher than it turned out to be, the economic

impact of policies would be greater thanit impact of policies would be greater than it would end up being so governments would end up borrowing more than they expected and there is damage their fiscal credibility of the government. the office for budget responsibility was set up to provide an objective, impartial assessment of what was going on in the economy, how much the government will borrow and whether it would eat its fiscal rules upon debt. how will borrow and whether it would eat its fiscal rules upon debt.— its fiscal rules upon debt. how do ou see its fiscal rules upon debt. how do you see the _ its fiscal rules upon debt. how do you see the significance - its fiscal rules upon debt. how do you see the significance of- its fiscal rules upon debt. how do you see the significance of this i you see the significance of this going ahead today as a mini budget without that accompanying assessment? we without that accompanying assessment?— without that accompanying assessment? ~ , ., ., assessment? we put out a comment only yesterday — assessment? we put out a comment only yesterday saying _ assessment? we put out a comment only yesterday saying that _ assessment? we put out a comment only yesterday saying that actually i only yesterday saying that actually we think that this is a quite symbolic rejection of objective scrutiny from the government. they are, as you said, announcing historic increases in borrowing, not only in the short term back permanently. we think we are going to be borrowing £100,000,000,008 every year even after the short term

energy price guarantee has run out and the government is banking on tax cuts to deliver the growth to pay for that. most economists in the old br would be included in that doubt that that will work. —— old br, it appears as though that we do not know this is the case but i think the most obvious conclusion is to draw that the 0br would have provided a message that would be unhelpful to the government and that is what they have been sidelined. liz truss said that the reason for proceeding in this fashion is to hit the ground running and that there will be a full budget later in the year, we are expecting in november, although it is not confirmed and at that point the 0br analysis would be included. do you doubt the government�*s commitment to the 0br? we have not had a clear statement either way so we cannot be sure. a

treasury spokesperson has said that the 0br will be doing the forecast along with the full budget that we really need to hear it from the new set of nesters. at the moment it is not clear that they support the 0br, it is not clear they are open to that objective scrutiny. you want to see a commitment to the lack today and to have a commitment to have a full object assessment of their finances at the full budget in november. in finances at the full budget in november-— finances at the full budget in november. , ., ,., . , november. in terms of the politics, we are new — november. in terms of the politics, we are new times, _ november. in terms of the politics, we are new times, is _ november. in terms of the politics, we are new times, is this _ november. in terms of the politics, we are new times, is this an - we are new times, is this an ideological new budget, fiscal statement, the likes of which we have not seen for some time? it have not seen for some time? it certainly a very significant change into shift in economic policy within the conservative party. certainly throughout the 2010s, they prioritise fiscal discipline, getting down the deficit, keeping debt under control. we are now seeing a government willing to take very big risks in terms of public

finances in order to try to deliver growth. to a lot of economists that are certainly welcome and criticism we have made in the past is that the government may now or treasury are not willing to take spending risks in order to deliver growth that we�*re talking about temporary borrowing, sojust we�*re talking about temporary borrowing, so just boring for a couple of years to finance a project that might deliver growth permanently. instead they government is implementing permanent tax cuts that will lead to higher borrowing indefinitely, permanently, which would put the public finances on an unsustainable footing. we think. their plan may turn out... it could work? it may well turn out to deliver lots of growth but the evidence does not support that tax cuts we deliver that kind of growth. we are seeing a real change in approach to borrowing, a real change in the amount of risk that this

government is willing to take in order to deliver growth and i think we will welcome that change in stance, but their specific policies they are going for, we are not so convinced by. they are going for, we are not so convinced toy-— they are going for, we are not so convinced b . ., ~ , ., , . convinced by. thank you very much. let's take a — convinced by. thank you very much. let's take a look _ convinced by. thank you very much. let's take a look and _ convinced by. thank you very much. let's take a look and a _ convinced by. thank you very much. let's take a look and a bit _ convinced by. thank you very much. let's take a look and a bit more - let�*s take a look and a bit more detail in a moment, we will be talking with our guess from the spectator. let me bring you pictures of classic kwarteng leaving downing street a few moments ago. we will see those as soon as they come. we will be seeing him head that short distance from downing street to the houses of parliament where he will deliver that statement at 9:30am. let�*s look at the potential implications. 0ur reporter hannah miller has been following one man who runs a community plumbing group in burnley to find out what his customers are hoping to hear from the chancellor. james anderson runs a community

organisation that provides emergency plumbing and heating repairs to vulnerable people across the country. if we come in for a minute? yeah, you 0k? yeah. how�*s things? so—so. he helped clare in her time of need by fitting a new boiler for free. right i�*ll have a look at that and then we�*ll come back in — is that ok with you? yeah. she says her electricity bill has already doubled and, despite the government capping prices, it�*s likely to go up further. yeah, it's tough cos obviously everything's rising, but when you're disabled, it's very tough. can you afford to pay double? i've got no choice, really. i've got a big, big, thick blanket — i use that. what would your message to the government be? make sure that the disabled and vulnerable are well looked—after. the light�*s come on there, which indicates hot water, and then this should come

on in a second. atjames�* next stop, a quick fix gets the boiler working again. lovely, thank you. no problem. ..much to the relief of maria, who doesn�*t have to pay. right, be good, right? i will. how long have you not had hot water for? for two days. right. yeah. because you couldn�*t fix it? no. didn�*t have anyone to fix it. no. how much does it mean to you to get help like this today? oh, it means the world to me, yeah, obviously. yeah, it does. i'm really pleased with that. what happens with this — this is what you call a system boiler. cathy�*s asked james to take a look at a problem with her boiler. she receives disability living allowance, and wants to make sure she doesn�*t overspend. 0ops. i'm on a very limited income. i don't... i don't know how i'm going to manage, you know, for the next two years, until i get my pension. ilike yogi. he�*s cool, him, isn�*t he?

i'm registered blind, i've got so little sight, and i need a lot of artificial light in the house. so i can't save on electricity by making sure i switch lights off. all the time, people coming forfood, gas, electric. the plumbing and heating, obviously, because now it�*s getting colder. and we�*re getting a lot of people asking for other help — with building issues, with debts, with loan sharks. back at the office, james says the government urgently needs to help the people he sees every day. people already can�*t afford the repairs. no, no, they can�*t. i mean, we�*re going to properties now where people are asking if they can pay £1 a week or £2 a week. some people are asking if they can pay next year. we are getting this mini budget, there�*s talk about tax cuts — does that feel relevant to you, to the people you�*re helping? it is not relevant at all, no.

there�*s going to be a lot of people left out in the cold and a lot of people are going to be left to die if the government don�*t do it correctly. it�*s so unfair, and it�*s not going to work. the government says prioritising economic growth will bring benefits to all communities, but many are watching closely to see whether today�*s plan will really help them. hannah miller, bbc news, burnley. i mention the chancellor was leaving shortly. let�*s bring pictures of him. no red box. this is not a budget day, this is a fiscal statement, a mini budget day. instead there is a blue folder. there he is, getting into his car and heading off to the commons, just

behind me. with me now is katy balls — deputy political editor of the spectator, not a budget. 0bviously not a budget. obviously a lot of talk around, with the economics of that, in terms of the politics, how are you this?— are you this? this is a big change from the past _ are you this? this is a big change from the past two _ are you this? this is a big change from the past two years - are you this? this is a big change from the past two years of - from the past two years of conservative government. i think that lots of thank you have been hearing ministers saying they want to do, there has been a reason not to do, there has been a reason not to do, there has been a reason not to do, you will see kwasi kwarteng try to do today. as you mentioned, it is not officially a budget, it is a mini budget, ithink the it is not officially a budget, it is a mini budget, i think the sensing government is this will be a bigger fiscal event than the official budget. because we did not have an

official budget, we do not have the scrutiny we would have otherwise. for liz truss, the idea is she is in a race against time, it is notjust you will have to go to the polls in the years at the very latest, it is the years at the very latest, it is the fact that the longer you stay as prime minister, the more problems you have, party management, ithink the sense here is really to try and get all the plans out as quickly as possible and hope that boosts growth and see what happens.— and see what happens. whatever you think or anyone _ and see what happens. whatever you think or anyone thinks _ and see what happens. whatever you think or anyone thinks of— and see what happens. whatever you think or anyone thinks of the - think or anyone thinks of the choices that are being taken, what no one can deny is this is a prime minister who has got a strategy and a vision and she is standing full square against it despite of what has been coming our way and will no doubt come her way in terms of the concerns from economists who are saying things like that this is a big gamble. indie saying things like that this is a big gamble-— saying things like that this is a big gamble. we have heard the warnin: big gamble. we have heard the warning that — big gamble. we have heard the warning that these _ big gamble. we have heard the warning that these tax - big gamble. we have heard the warning that these tax cuts - big gamble. we have heard the| warning that these tax cuts may big gamble. we have heard the - warning that these tax cuts may not

be sustainable, but ultimately i think that liz truss has decided that the main point of her plan is eight depends on economic growth, that 2.5 target. and we could already be in a recession. liz truss is the longest serving cabinet minister, she has a lot of time around that cabinet table, she has strong opinions in terms of the three prime ministers what she served under. she has come into 10 downing street, she knows exactly what she wants to do here and the question is how do the markets where and how does the party when it enters the gamble pay off? she and how does the party when it enters the gamble pay off? she is a leader of her _ enters the gamble pay off? she is a leader of her party, _ enters the gamble pay off? she is a leader of her party, a _ enters the gamble pay off? she is a leader of her party, a prime - leader of her party, a prime minister who came in without the majority support of the parliamentary party, are they behind her? i parliamentary party, are they behind her? ~' . , ., her? i think technically you would imarine her? i think technically you would imagine this _ her? i think technically you would imagine this to _ her? i think technically you would imagine this to be _ her? i think technically you would imagine this to be the _ her? i think technically you would | imagine this to be the honeymoon stage. if you look at the polls, it does not feel like she has this big

boost. if you look historically at prime ministers, she is someone coming not —— in not on a good rating. but people are cutting behind her, as you get tricky decisions. some are saying if you cut all these taxes and if you will keep all the spending commitments back at some of the things that pay for it will you have to cut spending elsewhere? there is not any sign that this is where they are but depending on how they respond to how —— like what they�*re doing, she will have trickier conversations and we have trickier conversations and we have seen some unease in the party over her plans for fracking. as time goes on, party management will become harder which is another reason why they are trying to do so much to date to try and get everyone in the framework for the next few years. in the framework for the next few ears. , , ., . years. there will be so much scrutiny of — years. there will be so much scrutiny of the _ years. there will be so much scrutiny of the figures, - years. there will be so much

scrutiny of the figures, that l years. there will be so much - scrutiny of the figures, that target that the treasury has been tasked with with 2.5% growth at a time when the monetary policy committee are saying that we are probably already in recession, what is the timeframe for the negative growth to turnaround, as far as the government is concerned? this turnaround, as far as the government is concerned?— is concerned? this is where it is interesting _ is concerned? this is where it is interesting speaking _ is concerned? this is where it is interesting speaking to - is concerned? this is where it is interesting speaking to mps - is concerned? this is where it is | interesting speaking to mps who is concerned? this is where it is - interesting speaking to mps who have backed liz truss. lots of people would say we should be going for growth and cutting taxes, but at the same time i think there is questioning how realistic it is on the timescale, how quickly will you see results and are some of these measures they are talking about, scrapping the cap on bankers bonuses, and vat for tourists, will that be enough to trigger the type of growth they are talking about are do they have the political will to get there? it is one thing to say we will do all these measures and

another to achieve that target. if you don�*t get where you need to go in terms of growth, the whole plan falls apart. irate in terms of growth, the whole plan falls aart. ~ in terms of growth, the whole plan falls a art. ~ ., ,, ., i. falls apart. we will talk to you arain falls apart. we will talk to you again once — falls apart. we will talk to you again once the _ falls apart. we will talk to you again once the chancellor - falls apart. we will talk to you again once the chancellor has| again once the chancellor has delivered that statement. we are told many rabbits may be coming out of the hat. some of the things we already know that will come out as some of the measures that previously would have been pulled out as the proverbial rabbit, there may be others. stay with us on bbc news. as in a few minutes, the chancellor will set out his mini—budget in the house of commons, we�*ll have coverage throughout the day from westminster. we will have coverage and reaction throughout the day. and later at 3.30pm, we�*ll be putting some of your questions to experts on what the mini—budget means for you. send them in using the hashtag #bbcyourquestions or email yourquestions@bbc. co. uk. promises to be a very interesting day here in westminster. stay

throughout. but for now — we�*ll hand back to chris rogers in the studio. let�*s take a look now at some of the day�*s other news.... four russian occupied regions of ukraine are voting in self—styled referendums on whether to become part of russia. the move has been denounced as a gross violation of international law by the west, and could lead to about 15% of ukrainian territory being annexed. let�*s cross live to the ukrainian capital, kyiv, where we can speak to our correspondent hugo bachega. if you can pretty much predict the result, it will be unrecognised by much of the world. what more do we did? we much of the world. what more do we did? ~ ~ ., much of the world. what more do we did? ~ ., ,., ., did? we know polls are now open in these occupied _ did? we know polls are now open in these occupied regions _ did? we know polls are now open in these occupied regions of _ did? we know polls are now open in these occupied regions of ukraine, | these occupied regions of ukraine, these occupied regions of ukraine, these self... this referendum is being held in four regions in the

hands, donetsk in the east of the country and in zaporizhzhia and some in the south. we have had reports in zaporizhzhia voting officials are going door to door with police officers, the authorities say this is a security measure. there are reports that in the east voting is mandatory and in at least one town the population has been banned from leaving. the ukrainians are saying that this is illegal, that nothing really changes in terms of their possessions. they say that this is moscow�*s reaction to russia�*s defeats on the battlefield, the ukrainians are going ahead with this counteroffensive, they have retaken dozens of towns and villages in recent weeks and the authorities here in kyiv are saying that this is russia�*s response to that. as i said, their task news agency which is the state news agency in russia

said apple that was conducted in those regions where these referendum being held, suggested that between 80 and 90% of the voters were in favour ofjoining russia so i think that gives us a sense of what we should expect in terms of the result of the so—called referendum. if should expect in terms of the result of the so-called referendum.- of the so-called referendum. if that redictable of the so-called referendum. if that predictable result _ of the so-called referendum. if that predictable result happens, - of the so—called referendum. if that predictable result happens, russia will see this territory, this 15% of ukraine as russia. does that mean we are heading into a new dangerous chapter in this war? if ukraine start to attack those areas, as far as president putin is concerned, they are attacking russian territory, russian soil? n they are attacking russian territory, russian soil? ithink that is the _ territory, russian soil? ithink that is the fear _ territory, russian soil? ithink that is the fear here _ territory, russian soil? ithink that is the fear here that - territory, russian soil? ithink that is the fear here that this | that is the fear here that this could result in an escalation of the war, that the russians were going to say, look, this is now part of russian territory and any attack on those regions will be seen as an attack on russian soil. so i think

thatis attack on russian soil. so i think that is the fear even though the ukrainians are saying they are not recognising what is happening today. they will not recognise any result of the so—called referendum and this is similar to what happened in 2014 when the russians invaded crimea, they carried out a referendum they are and as a result of that referendum, they annexed the peninsular, they moved that anna has not been recognised by the ukrainians are internationally so we could see something similar happening with the so—called referendum even though western countries and the ukrainians are saying this is illegal and they will not recognise it.— saying this is illegal and they will not recognise it. hugo thank you for that date. not recognise it. hugo thank you for that date- -- _ not recognise it. hugo thank you for that date. -- update. _ protests in iran have now spread to more than 80 cities and towns on the sixth day of unrest triggered by the death of a young woman after she was arrested by the country�*s so—called morality police. the president of iran, ebrahim raisi, has insisted that

a thorough investigation is under way into the death last friday of 22—year—old mahsa amini. speaking in new york, mr raisi condemned the nationwide protests sparked by her death where at least 23 people have been killed but this figure is thought to have increased overnight. a new type of cancer therapy that uses a common virus to infect and destroy harmful cells is showing big promise in early human trials, say uk scientists. the drug is a weakened form of the cold sore virus, herpes simplex, that has been modified to kill tumours. however, larger and longer studies will be needed, but experts say the injection might ultimately offer a lifeline to more people with advanced cancers. hong kong is to scrap mandatory hotel quarantine for arrivals. it will require people flying in to only monitor themselves for potential covid—19 infections.

the lifting of quarantine signals an end to one of the world�*s toughest anti—pandemic regimes, in force for more than two years to shut out coronavirus. the move will be welcomed by many residents and businesses who had said the harsh rules threatened hong kong�*s standing as a global financial centre. boeing has agreed to pay $200 million to settle charges it misled investors about two fatal 737 max crashes. its former chief executive dennis muilenburg will also pay $1 million. the us securities and exchange commission investigated how boeing communicated with investors about the crashes. 346 people lost their lives when planes came down in ethiopia and indonesia. drag race uk star george ward, known by stage name cherry valentine has died aged 28.

ward appeared on the second series of rupaul�*s drag race uk and went on to front the bbc documentary gypsy queen and proud. the family say their lives will never be the same. tonight, the 20—time grand slam winner roger federer, plays his final match at the 02, alongside rafa nadal in the laver cup. they�*re representing team europe against team world. and andy murray plays in the singles before that too. federer warmed up for his big farewell in his tuxedo and went out for dinner with some of the biggest names in tennis which included andy murray, novak djokovic and rafa nadal. that�*s the latest news from the bbc newsroom. let�*s go back tojoanna in westminster. we are expecting to hear from the chancellor shortly.

we are expecting to hear from the chancellorshortly. he we are expecting to hear from the chancellor shortly. he will be on his feet in the commons outlining this mini budget, the special budget. many budget which is a fiscal statement. budget. many budget which is a fiscalstatement. let�*s budget. many budget which is a fiscal statement. let�*s talk about it with our economics correspondent. what are we expecting because obviously so much has been trialled? we are talking with some of the biggest measures expecting today that we have seen for a very long time. one of the biggest tax because we have seen in 30 years to follow one of the biggest tax rises by a government that the members of the current government were in just a few months ago. we are talking about national insurance, the rise in national insurance, the rise in national insurance, the rise in national insurance and able to pay for social care, national insurance and able to pay forsocial care, but national insurance and able to pay for social care, but now the government is deciding or has confirmed that they will reverse that so that is a £15 billion cost of reversing the rise in national insurance. it says it will find the money from social care somewhere else. there are also talking that not raising corporation tax which was due to rise about £15 billion of

that about £30 billion already and that about £30 billion already and thatis that about £30 billion already and that is before you even start talking with the money they�*re going to spend trying to keep people�*s bills down, notjust households but also businesses. those promises might cost upwards of £60 billion so already you are talking about £100 billion. any idea that a public finance: keeping the budget in surplus for day—to—day spending takes priority over other things like helping people with their energy bills is out of the window now with this government. the talk of going for growth will be, you would have thought, welcome in the currency markets but what you�*re looking at the moment as the pound falling to a new low, less than $1 13. but does not speak confidence that plasmid work. let 13. but does not speak confidence that plasmid work.— 13. but does not speak confidence that plasmid work. let me tell you is that it's after _ that plasmid work. let me tell you is that it's after at _ that plasmid work. let me tell you is that it's after at 9:30am - that plasmid work. let me tell you is that it's after at 9:30am but - that plasmid work. let me tell you is that it's after at 9:30am but we | is that it�*s after at 9:30am but we do not yet have the pictures coming from inside the common so we are not missing it as it hasn�*t started yet and we will go there as soon as it

begins. andy, on that growth, the treasury has been tasked with trying to get or achieve group of more than 2% and economists are saying that thatis 2% and economists are saying that that is a gamble. —— growth... is a government talking about any timeframe for when these changes coming one day think that growth rate can be hit because we heard from the bank of england and monetary policy committee yesterday that we are already technically in recession. irate that we are already technically in recession. ~ ., ., �* ., ., , recession. we are, we don't have any rrowth at recession. we are, we don't have any growth at all — recession. we are, we don't have any growth at all and _ recession. we are, we don't have any growth at all and let's _ recession. we are, we don't have any growth at all and let's remind - growth at all and let�*s remind ourselves what we are talking about. economic growth and the economy being everybody�*s economic activity and all the goods and services we produce. we are in recession with an activity recedes, wind effectively shrinks and of course, all governments really want the economy to grow because it means more tax revenue and also means more in national income to share around between households and businesses and the government sold the hope is that you get or prosperity through growth. the hope of every government

people started talking that economic growth, two or 300 years ago and no government would say we do not want this. to set a target of 2.5% and for that is incredible and that the plan is working, they will need to be growing at something like that kind of right by the time the next election comes around in a couple of years�* time for them to seem credible. but must be clear, the judges whether this growth plan will work will be the currency market and at the moment, if the pound was going to strengthen on the good news of tax rises, we haven�*t seen it yet. of tax rises, we haven't seen it et. �* ., �* , ., ., yet. and on whether it's going to work, yet. and on whether it's going to work. does _ yet. and on whether it's going to work. does say _ yet. and on whether it's going to work, does say it's _ yet. and on whether it's going to work, does say it's the _ yet. and on whether it's going to work, does say it's the right - yet. and on whether it's going to j work, does say it's the right path work, does say it�*s the right path say you look back to the 80s and 90s when there was a small state, low taxation and strong growth and what we have seen obviously over the last decade has been that sluggish growth and high levels of taxation. so

looking back to the 80s and 90s, what is the example that we take from that? i what is the example that we take from that? ~' ., from that? i think the government wants to announce _ from that? i think the government wants to announce its _ from that? i think the government wants to announce its policies - from that? i think the government wants to announce its policies and j wants to announce its policies and present them as holding out the same hope for growth that we had in the 19805 hope for growth that we had in the 1980s and 1990s, where it was the consensus view that cutting taxes helps growth. having said that, there is quite a body of academic opinion that says that it does not necessarily the case that cutting taxes to the bone stimulate growth. some of the better growth in recent years that we have seen has been in economies with a higher rate of tax, what you certainly have seen in the last 12 years as governments have been faced with priorities like paying for social care because of demographic changes and that means that regardless of ideology, you have to find some way of paying for all the extra care that is needed because of an ageing population. it doesn�*t really matter whether you are right or rishi sunak was raising taxes to the highest level... are right or rishi sunak was raising taxes to the highest level. . .- taxes to the highest level... andy, is starting- —

taxes to the highest level... andy, is starting. with _ taxes to the highest level... andy, is starting. with the _ taxes to the highest level... andy, is starting. with the issue - taxes to the highest level... andy, is starting. with the issue most. is starting. with the issue most wor in: is starting. with the issue most worrying the — is starting. with the issue most worrying the british _ is starting. with the issue most worrying the british people - is starting. with the issue most i worrying the british people today, the cost _ worrying the british people today, the cost of energy. people have seen the cost of energy. people have seen the horrors _ the cost of energy. people have seen the horrors that put an's illegal invasion— the horrors that put an's illegal invasion of ukraine, they will have heard _ invasion of ukraine, they will have heard reports that there are already expensive _ heard reports that there are already expensive energy bills could reach as high— expensive energy bills could reach as high as — expensive energy bills could reach as high as £6,500 next year. mr speaker, — as high as £6,500 next year. mr speaker, we were never going to let this happen. my right honourable friend. _ this happen. my right honourable friend, the prime minister, has acted _ friend, the prime minister, has acted with— friend, the prime minister, has acted with great speed to announce one of— acted with great speed to announce one of the — acted with great speed to announce one of the most significant intervention is the british state has ever— intervention is the british state has ever made. people need to know that help _ has ever made. people need to know that help is _ has ever made. people need to know that help is coming and help is indeed — that help is coming and help is indeed coming. we are taking three steps _ indeed coming. we are taking three steps to— indeed coming. we are taking three steps to support families and businesses with the cost of energy — firstly _ businesses with the cost of energy — firstly to _ businesses with the cost of energy — firstly to help households with the energy _ firstly to help households with the energy price guaranteed to limit the unit price _ energy price guaranteed to limit the unit price that consumers pay for electricity— unit price that consumers pay for electricity and gas. this means that for the _ electricity and gas. this means that for the next — electricity and gas. this means that for the next two years, the typical annual— for the next two years, the typical annual household bill will be £2500.

for a typical household, that is a saving _ fora typical household, that is a saving of— for a typical household, that is a saving of at— for a typical household, that is a saving of at least £1000 per year based _ saving of at least £1000 per year based on — saving of at least £1000 per year based on current prices. we are continuing — based on current prices. we are continuing our existing plans to .ive continuing our existing plans to give all— continuing our existing plans to give all households £400 off bills this winter. so taken together, mr speaker, — this winter. so taken together, mr speaker, we are cutting everyone's minute _ speaker, we are cutting everyone's minute energy bills to the respect of £1400 — minute energy bills to the respect of £1400 this year and millions of them _ of £1400 this year and millions of them as— of £1400 this year and millions of them as vulnerable households will receive _ them as vulnerable households will receive additional payments taking the total— receive additional payments taking the total savings this year to 2000 £200 _ the total savings this year to 2000 £200. secondly, as well as helping people. _ £200. secondly, as well as helping people, we need to support the businesses who employ them. the energy— businesses who employ them. the energy bill relief scheme will reduce — energy bill relief scheme will reduce wholesale gas and electricity prices _ reduce wholesale gas and electricity prices for— reduce wholesale gas and electricity prices for all uk businesses, charities— prices for all uk businesses, charities and the public sector, such— charities and the public sector, such as — charities and the public sector, such as schools and hospitals. this will provide — such as schools and hospitals. this will provide a price guarantee equivalent to the one provider for households for all businesses across the country — households for all businesses across the country. thirdly, energy prices are extremely volatile. rising and

falling _ are extremely volatile. rising and falling erratically every hour. this creates _ falling erratically every hour. this creates real risks to energy firms who are — creates real risks to energy firms who are otherwise viable businesses. those _ who are otherwise viable businesses. those firms _ who are otherwise viable businesses. those firms help supply the essential energy needed by households and businesses. so to support— households and businesses. so to support the market we are announcing the energy— support the market we are announcing the energy market financing scheme delivered _ the energy market financing scheme delivered with the bank of england the scheme will provide 100% guarantee for commercial banks to offer emergency liquidity to energy traders _ offer emergency liquidity to energy traders. mr speaker, the consensus amongst _ traders. mr speaker, the consensus amongst independent forecasters is that the _ amongst independent forecasters is that the government's energy plan will reduce peak inflation by round five percentage points. it will reduce — five percentage points. it will reduce the cost of servicing anything _ reduce the cost of servicing anything the government debt and lower— anything the government debt and lower wider cost of living pressures. i don't have millions of people _ pressures. i don't have millions of people and — pressures. i don't have millions of people and businesses right across the country with a cost of energy. let the country with a cost of energy. let no _ the country with a cost of energy. let no one — the country with a cost of energy. let no one doubt, mr speaker, that during _ let no one doubt, mr speaker, that during the — let no one doubt, mr speaker, that during the worst energy crisis in generations, this government is on

the side _ generations, this government is on the side of— generations, this government is on the side of the british people. the bank— the side of the british people. the bank of— the side of the british people. the bank of england are taking further steps _ bank of england are taking further steps to— bank of england are taking further steps to control inflation acting again— steps to control inflation acting again only yesterday and i can assure — again only yesterday and i can assure the house that this government considers the bank of england's— government considers the bank of england's independence to be sacrosanct. and we remain closely coordinated with the government and myself— coordinated with the government and myself speaking twice a week. —— governor— myself speaking twice a week. —— governor and myself or mr speaker, hi-h governor and myself or mr speaker, high energy costs are not the only challenge — high energy costs are not the only challenge confronting this country. growth _ challenge confronting this country. growth is — challenge confronting this country. growth is not as high as it should be. growth is not as high as it should be this — growth is not as high as it should be this has _ growth is not as high as it should be. this has made it harder to pay for public— be. this has made it harder to pay for public services requiring taxes to rise _ for public services requiring taxes to rise and — for public services requiring taxes to rise and in turn, higher taxes on capital, _ to rise and in turn, higher taxes on capital, highertaxes to rise and in turn, higher taxes on capital, higher taxes and labour have _ capital, higher taxes and labour have lowered returns on investment at work. _ have lowered returns on investment at work, reducing economic incentives and hampering growth still further. this cycle has led to the tax _ still further. this cycle has led to the tax burden being forecast to reach _ the tax burden being forecast to reach the — the tax burden being forecast to reach the highest level since the

1940s— reach the highest level since the 1940s. that reach the highest level since the 19405. that was before even her late majesty— 19405. that was before even her late majesty acceded to the throne and we are determined to break that cycle. we need _ are determined to break that cycle. we need a — are determined to break that cycle. we need a new approach for a new era, focused on growth. 0ur we need a new approach for a new era, focused on growth. our aim over the medium _ era, focused on growth. our aim over the medium term is to reach a trend rate of— the medium term is to reach a trend rate of growth of 2.5% and our plan, mr speaker, — rate of growth of 2.5% and our plan, mr speaker, is to expand the supply side of— mr speaker, is to expand the supply side of the _ mr speaker, is to expand the supply side of the economy through tax incentives — side of the economy through tax incentives and reforms. that is how we will _ incentives and reforms. that is how we will deliver higher wages, greater— we will deliver higher wages, greater opportunities and crucially, mr speaker, fund public services now and into— mr speaker, fund public services now and into the — mr speaker, fund public services now and into the future. that is how we will compete successfully with dynamic — will compete successfully with dynamic economies around the world and that— dynamic economies around the world and that is— dynamic economies around the world and that is how, mr speaker, we will turn this— and that is how, mr speaker, we will turn this vicious cycle of stagnation into a virtuous cycle of growth _ stagnation into a virtuous cycle of growth as— stagnation into a virtuous cycle of growth. as a government, we will focus _ growth. as a government, we will focus on _ growth. as a government, we will focus on growth, even where that means— focus on growth, even where that means taking ethical decisions. none

of this— means taking ethical decisions. none of this is— means taking ethical decisions. none of this is going to happen overnight, but today we are publishing our growth plan. today we are publishing our growth plan that sets out— are publishing our growth plan that sets out a — are publishing our growth plan that sets out a new approach for this new era built _ sets out a new approach for this new era built around three central priorities _ era built around three central priorities. reforming the supply side of— priorities. reforming the supply side of the economy, maintaining a responsible approach to public finance — responsible approach to public finance and cutting taxes to boost growth _ finance and cutting taxes to boost growth. mr speaker, the uk today has the second _ growth. mr speaker, the uk today has the second lowest debt to gdp ratio of any— the second lowest debt to gdp ratio of any 67 _ the second lowest debt to gdp ratio of any 67 country. in due course, we will publish — of any 67 country. in due course, we will publish a — of any 67 country. in due course, we will publish a medium—term fiscal plan setting out a responsible fiscal— plan setting out a responsible fiscal approach more fully. and that will include how we plan to reduce debt as _ will include how we plan to reduce debt as a — will include how we plan to reduce debt as a percentage of gdp over the medium _ debt as a percentage of gdp over the medium term and the 0b are, mr speaker, — medium term and the 0b are, mr speaker, will publish a full economic fiscal forecast before the end of— economic fiscal forecast before the end of the — economic fiscal forecast before the end of the year with a second to follow _ end of the year with a second to follow in — end of the year with a second to follow in the year. fiscal

responsibility remains essential for economic— responsibility remains essential for economic confidence and it is a path we are _ economic confidence and it is a path we are committed to. today we are publishing — we are committed to. today we are publishing costings of all the measures the government has taken and those _ measures the government has taken and those costings will be incorporated into the 0b or's forecast _ incorporated into the 0b or's forecast in the usual way. the house should _ forecast in the usual way. the house should note — forecast in the usual way. the house should note that the estimated cost of energy— should note that the estimated cost of energy plans are particularly uncertain— of energy plans are particularly uncertain given valentine energy crisis _ uncertain given valentine energy crisis but — uncertain given valentine energy crisis but based on recent prices, the total— crisis but based on recent prices, the total cost of the energy package for the _ the total cost of the energy package for the six _ the total cost of the energy package for the six months to october is expected — for the six months to october is expected to be around £60 billion. we expect— expected to be around £60 billion. we expect the cost to come down as we negotiate new long—term energy contracts— we negotiate new long—term energy contracts with suppliers and in the context— contracts with suppliers and in the context of— contracts with suppliers and in the context of a global energy crisis, mr speaker, it is entirely appropriate for the government to use our— appropriate for the government to use our borrowing powers to contemporary measures in order to support— contemporary measures in order to support families and businesses. that is— support families and businesses. that is exactly what we did during the covid—19 pandemic. a sizeable intervention was right then and it

is right— intervention was right then and it is right now. the price, the heavy price _ is right now. the price, the heavy price of— is right now. the price, the heavy price of inaction would have been far greater— price of inaction would have been far greater than the cost of the schemes _ far greater than the cost of the schemes. mr speaker, we are at the beginning _ schemes. mr speaker, we are at the beginning of a new era and as we contemplate... that's right, a new era _ contemplate... that's right, a new era and _ contemplate... that's right, a new era and as — contemplate... that's right, a new era. and as we contemplate, and as we contemplate this new era, we recognise, — we contemplate this new era, we recognise, we recognise, mr speaker, that there _ recognise, we recognise, mr speaker, that there is _ recognise, we recognise, mr speaker, that there is huge potential in our country _ that there is huge potential in our country. we have unbounded entrepreneurial drive, we have highly— entrepreneurial drive, we have highly skilled people, we have immense verbal presence in sectors like finance, — immense verbal presence in sectors like finance, life sciences, technology and clean energy, but mr speaker, _ technology and clean energy, but mr speaker, there are too many barriers for enterprise. we need a new approach _ for enterprise. we need a new approach to break them down and that means— approach to break them down and that means reforming the supply—side of our economy. overthe means reforming the supply—side of our economy. over the coming weeks, my cabinet— our economy. over the coming weeks, my cabinet colleagues will update

the house and every aspect of our ambitious — the house and every aspect of our ambitious agenda. those updates will cover the _ ambitious agenda. those updates will cover the planning system, business regulations, childcare, immigration, agricultural— regulations, childcare, immigration, agricultural productivity and digital— agricultural productivity and digital infrastructure. but, mr speaker, _ digital infrastructure. but, mr speaker, we start this work today, an essential foundation of growth as infrastructure. the roads, railways and networks that carry people, goods _ and networks that carry people, goods and information all of our country — goods and information all of our country, today, our planning system for major— country, today, our planning system for major infrastructure is too slow and fragmented. the time it takes to .et and fragmented. the time it takes to get consent for nationally significant projects is getting slower, _ significant projects is getting slower, not quicker, while, mr speaker, — slower, not quicker, while, mr speaker, our international competitors forge ahead. we have two ended _ competitors forge ahead. we have two ended we _ competitors forge ahead. we have two ended. we can announce it in the coming _ ended. we can announce it in the coming months will bring forward a new bill— coming months will bring forward a new bill to — coming months will bring forward a new bill to on pick the complex patchwork of planning restrictions and eu _ patchwork of planning restrictions and eu derived laws that constrain our growth. we will streamline a

whole _ our growth. we will streamline a whole host of assessments of appraisals, consultations, endless duplications and regulations. we will also — duplications and regulations. we will also review the government's business — will also review the government's business case process to speed up decision—making. and today, we are publishing _ decision—making. and today, we are publishing a — decision—making. and today, we are publishing a list of infrastructure projects— publishing a list of infrastructure projects that will be prioritised for acceleration in sectors like transport, _ for acceleration in sectors like transport, energy and telecoms. and to increase _ transport, energy and telecoms. and to increase housing supply and enable — to increase housing supply and enable forthcoming planning reforms, we will— enable forthcoming planning reforms, we will also increase the disposal of surplus — we will also increase the disposal of surplus government plans to build new homes. mr speaker, we are getting _ new homes. mr speaker, we are getting out of the way to get britain — getting out of the way to get britain building. one of the proudest achievements of our conservative government is that unemployment is at the lowest level for nearly— unemployment is at the lowest level for nearly 50 years. but with more vacancies— for nearly 50 years. but with more vacancies than unemployed people to fill them, _ vacancies than unemployed people to fill them, we need to encourage people — fill them, we need to encourage people to — fill them, we need to encourage people tojoin the fill them, we need to encourage people to join the labour market. fill them, we need to encourage people tojoin the labour market. we will make _ people tojoin the labour market. we

will make work pay by reducing people's— will make work pay by reducing people's benefits if they do not fulfil _ people's benefits if they do not fulfil theirjob search commitments. fulfil their job search commitments. we will— fulfil theirjob search commitments. we will provide extra support for unemployed over 505 and will ask around _ unemployed over 505 and will ask around 120,000 more people on universal— around 120,000 more people on universal credit to take active steps — universal credit to take active steps to — universal credit to take active steps to seek more and better paid work or— steps to seek more and better paid work or face having their benefits reduced — work or face having their benefits reduced. mr speaker, is such a critical— reduced. mr speaker, is such a critical time for our economy, it is simply— critical time for our economy, it is simply unacceptable, simply u na cce pta ble simply unacceptable, simply unacceptable strike action is disrupting so many lives. other european — disrupting so many lives. other european countries have minimum service _ european countries have minimum service levels to stop militant trade — service levels to stop militant trade unions closing down transport networks— trade unions closing down transport networks during strikes. so we will do the _ networks during strikes. so we will do the same and we will go further. we will— do the same and we will go further. we will legislate to require unions to put— we will legislate to require unions to put pay— we will legislate to require unions to put pay offers to a member of out to put pay offers to a member of out to ensure _ to put pay offers to a member of out to ensure that strikes can only be

called _ to ensure that strikes can only be called once — to ensure that strikes can only be called once negotiations have genuinely broken down. and of course, — genuinely broken down. and of course, mr speaker, to drive growth, we need _ course, mr speaker, to drive growth, we need new— course, mr speaker, to drive growth, we need new sources of capital investment. to this end, i can announce _ investment. to this end, i can announce that we will accelerate reforms — announce that we will accelerate reforms to the pension charge gap so that it _ reforms to the pension charge gap so that it will— reforms to the pension charge gap so that it will no longer apply to well—designed performance fees. this will unlock— well—designed performance fees. this will unlock pension fund investments into uk_ will unlock pension fund investments into uk assets and innovative high—growth businesses. it will benefit — high—growth businesses. it will benefit savers and increase growth and we _ benefit savers and increase growth and we will provide up to £500 million — and we will provide up to £500 million to— and we will provide up to £500 million to support new innovative funds— million to support new innovative funds that — million to support new innovative funds that attract billions of additional pounds into uk science and technology scallops. now, mr speaker, — and technology scallops. now, mr speaker, this brings me to the cap on banker's— speaker, this brings me to the cap on banker's bonuses. a strong uk economy— on banker's bonuses. a strong uk economy has always depended on a

strong _ economy has always depended on a strong financial services sector. we need _ strong financial services sector. we need global banks to create jobs here, _ need global banks to create jobs here, invest here and pay taxes here in london~ _ here, invest here and pay taxes here in london~ in — here, invest here and pay taxes here in london. in london. not in paris, not in _ in london. in london. not in paris, not in frankfurt and not in new york _ not in frankfurt and not in new york all— not in frankfurt and not in new york. all the bonus cap did was to push up the — york. all the bonus cap did was to push up the basic salaries of bankers _ push up the basic salaries of bankers or drive activity outside of europe _ bankers or drive activity outside of europe it — bankers or drive activity outside of europe. it never capped total renumeration. so let's not hear or sit here _ renumeration. so let's not hear or sit here and — renumeration. so let's not hear or sit here and pretend otherwise. it didn't— sit here and pretend otherwise. it didn't cap — sit here and pretend otherwise. it didn't cap total renumeration so as a consequence of this, mr speaker, we are _ a consequence of this, mr speaker, we are going to get rid of it. and to ray— we are going to get rid of it. and to ray affirm and reaffirm were going _ to ray affirm and reaffirm were going to — to ray affirm and reaffirm were going to get rid of it. the uk's status—

going to get rid of it. the uk's status as _ going to get rid of it. the uk's status as the world's financial services — status as the world's financial services centre, i will set out a financial— services centre, i will set out a financial package of regulatory reforms — financial package of regulatory reforms later in the autumn. but to support— reforms later in the autumn. but to support growth across the country, we need _ support growth across the country, we need to— support growth across the country, we need to go further with targeted action— we need to go further with targeted action in— we need to go further with targeted action in local areas. so today, i can announce the creation of new investment— can announce the creation of new investment services. we will liberalise planning laws and specify the gravesites releasing land and accelerating development. and, mr speaker, _ accelerating development. and, mr speaker, will cut taxes for businesses and disney's attack sites for many— businesses and disney's attack sites for many years there will be an accelerated tax reliefs for structures and buildings and 100% tax relief— structures and buildings and 100% tax relief on qualifying investments in plant _ tax relief on qualifying investments in plant and machinery. on purchases of land _ in plant and machinery. on purchases of land and _ in plant and machinery. on purchases of land and buildings for commercial or new— of land and buildings for commercial or new residential of elements there will be _ or new residential of elements there will be no _ or new residential of elements there will be no stamp duty to pay whatsoever. a newly occupied business _ whatsoever. a newly occupied business premises there will be no business _ business premises there will be no business rates to pay whatsoever and if a business — business rates to pay whatsoever and if a business hires a new employee in the _ if a business hires a new employee in the tax — if a business hires a new employee in the tax side, then the first £50,000 _ in the tax side, then the first £50,000 they earn the employer will

pay no _ £50,000 they earn the employer will pay no national insurance whatsoever. that is an unprecedented set of _ whatsoever. that is an unprecedented set of tax _ whatsoever. that is an unprecedented set of tax incentives for business, mr speaker, to invest, to build and to create _ mr speaker, to invest, to build and to create jobs right across this country — to create jobs right across this country i_ to create jobs right across this country. i can confirm to the house that we _ country. i can confirm to the house that we are — country. i can confirm to the house that we are in early discussions with— that we are in early discussions with nearly 40 places like tees valley. — with nearly 40 places like tees valley, the west midlands, norfolk and the _ valley, the west midlands, norfolk and the west of england to establish investment zones and will work with the developed administrations and local partners to make sure that scotland. — local partners to make sure that scotland, wales and northern ireland will also _ scotland, wales and northern ireland will also benefit if they are willing _ will also benefit if they are willing to do so. if we really want to level _ willing to do so. if we really want to level up. — willing to do so. if we really want to level up, mr speaker, we have to unleash— to level up, mr speaker, we have to unleash the — to level up, mr speaker, we have to unleash the power of the private sector~ — unleash the power of the private sector. and now, mr speaker, we come

to tax, _ sector. and now, mr speaker, we come to tax. central— sector. and now, mr speaker, we come to tax, central to solving the riddle — to tax, central to solving the riddle of— to tax, central to solving the riddle of growth. the tax system is not simply— riddle of growth. the tax system is not simply about raising revenue for public— not simply about raising revenue for public services, vitally an important though that is. tax determines the incentives across the whole _ determines the incentives across the whole economy and we believe that hi-h whole economy and we believe that high taxes — whole economy and we believe that high taxes reduce incentives to work, _ high taxes reduce incentives to work, they deter investment and they hinder— work, they deter investment and they hinder enterprise. a5 work, they deter investment and they hinder enterprise. as my right honourable friend the prime minister has said. _ honourable friend the prime minister has said, we will review the tax system — has said, we will review the tax system to — has said, we will review the tax system to make it simpler, more dynamic— system to make it simpler, more dynamic and fairerfor system to make it simpler, more dynamic and fairer for families and we are— dynamic and fairer for families and we are taking that first step today. mr speaker, the interest of businesses are not separate from the interest— businesses are not separate from the interest of— businesses are not separate from the interest of individuals and families. it is businesses which employ— families. it is businesses which employ most business dream of people in this— employ most business dream of people in this country and businesses that invest— in this country and businesses that invest in— in this country and businesses that invest in the products and services we rely— invest in the products and services we rely on — invest in the products and services we rely on. every additional tax on business _ we rely on. every additional tax on business is — we rely on. every additional tax on business is ultimately passed through— business is ultimately passed through to families through higher prices, _ through to families through higher prices, lower pay or lower returns on savings — prices, lower pay or lower returns on savings. sol prices, lower pay or lower returns on savings. so i can therefore

confirm — on savings. so i can therefore confirm that the next year's planned increase _ confirm that the next year's planned increase in _ confirm that the next year's planned increase in corporation tax will be cancelled — increase in corporation tax will be cancelled. the corporation tax rate will not _ cancelled. the corporation tax rate will not rise — cancelled. the corporation tax rate will not rise to 25%, it will remain at i9% _ will not rise to 25%, it will remain at i9% and — will not rise to 25%, it will remain at 19% and we will have the lowest rate at19% and we will have the lowest rate of— at 19% and we will have the lowest rate of corporation tax in the 620. this will— rate of corporation tax in the 620. this will plough on with £19 billion a year— this will plough on with £19 billion a year into— this will plough on with £19 billion a year into the economy which is £19 billion— a year into the economy which is £19 billion for— a year into the economy which is £19 billion for businesses to reinvest, create _ billion for businesses to reinvest, create jobs, billion for businesses to reinvest, createjobs, raise billion for businesses to reinvest, create jobs, raise wages or pay the dividends— create jobs, raise wages or pay the dividends that support our pensions. i dividends that support our pensions. l have _ dividends that support our pensions. i have already taken steps elsewhere to support _ i have already taken steps elsewhere to support financial services so the bank— to support financial services so the bank surcharge will remain at 8%. but, _ bank surcharge will remain at 8%. but, mr_ bank surcharge will remain at 8%. but, mr speaker, we will do more to encourage _ but, mr speaker, we will do more to encourage private investment. the annual— encourage private investment. the annual investment allowance which gives— annual investment allowance which gives 100% tax relief on investments in plant _ gives 100% tax relief on investments in plant and machinery were not fall to £200,000 as planned, it will remain— to £200,000 as planned, it will remain at— to £200,000 as planned, it will remain at £1 million and it will do so permanently. our duty is to make the uk _ so permanently. our duty is to make the uk one _ so permanently. our duty is to make the uk one of the most can do them economies— the uk one of the most can do them

economies in the world and we are delivering — economies in the world and we are delivering and we will deliver on this _ delivering and we will deliver on this mr— delivering and we will deliver on this. mr speaker, we want the country— this. mr speaker, we want the country to— this. mr speaker, we want the country to become an entrepreneurial share _ country to become an entrepreneurial share only— country to become an entrepreneurial share only democracy in the venture capital— share only democracy in the venture capital trust — share only democracy in the venture capital trust will be extended beyond — capital trust will be extended beyond 2025. the seed enterprise investment scheme, company share option— investment scheme, company share option plans will be increased in limits— option plans will be increased in limits to — option plans will be increased in limits to make them more generous. crucial— limits to make them more generous. crucial steps on the road to making this a _ crucial steps on the road to making this a nation— crucial steps on the road to making this a nation of entrepreneurs. for the tax _ this a nation of entrepreneurs. for the tax system to favour growth, mr speaker, _ the tax system to favour growth, mr speaker, it— the tax system to favour growth, mr speaker, it needs to be much simpler~ _ speaker, it needs to be much simpler~ i_ speaker, it needs to be much simpler. i am speaker, it needs to be much simpler. lam hugely speaker, it needs to be much simpler. i am hugely grateful to the office _ simpler. i am hugely grateful to the office of— simpler. i am hugely grateful to the office of taxi navigation for every and they— office of taxi navigation for every and they have achieved since 2010. but in _ and they have achieved since 2010. but in stead of a single body which is separate — but in stead of a single body which is separate from the treasury at hmrc, — is separate from the treasury at hmrc, we — is separate from the treasury at hmrc, we need to have taxable vocation — hmrc, we need to have taxable vocation and bring it into the heart of government and that is why i have decided _ of government and that is why i have decided to— of government and that is why i have decided to wind down the office of tax integration and mandated every one of— tax integration and mandated every one of my— tax integration and mandated every one of my tax officials to focus on simplifying our tax. to achieve a

simpler— simplifying our tax. to achieve a simpler system, simplifying our tax. to achieve a simplersystem, i simplifying our tax. to achieve a simpler system, i will start by removing _ simpler system, i will start by removing unnecessary costs for business — removing unnecessary costs for business. firstly, we will automatically some city regulations by december 2023 requiring departments to review, replace or repeal— departments to review, replace or repeal eu — departments to review, replace or repeal eu law. this will reduce burdens — repeal eu law. this will reduce burdens on business, improve growth and restore _ burdens on business, improve growth and restore the primacy of uk legislation. we can also simplify the ir_ legislation. we can also simplify the lit 35— legislation. we can also simplify the ir 35 rules and in practice reforms — the ir 35 rules and in practice reforms to payroll working have creating — reforms to payroll working have creating complexity and cost for many _ creating complexity and cost for many businesses. a5 creating complexity and cost for many businesses. as promised, by my ri-ht many businesses. as promised, by my right honourable friend the prime minister. — right honourable friend the prime minister, we will repeal the 2017 and 2021— minister, we will repeal the 2017 and 2021 reforms. of course, we will continue _ and 2021 reforms. of course, we will continue to _ and 2021 reforms. of course, we will continue to keep compliance closely under— continue to keep compliance closely under review. mr speaker, britain welcomes— under review. mr speaker, britain welcomes millions of tourists every year and _ welcomes millions of tourists every year and i_ welcomes millions of tourists every yearand i want welcomes millions of tourists every year and i want our high streets and airports _ year and i want our high streets and airports and — year and i want our high streets and airports and ports and shopping

centres — airports and ports and shopping centres to feel the economic benefit _ centres to feel the economic benefit. we have decided to reduce vat shopping for overseas visitors. we will— vat shopping for overseas visitors. we will replace the old paper— based system _ we will replace the old paper— based system with a modern digital one and this will— system with a modern digital one and this will be _ system with a modern digital one and this will be in place as soon as possible _ this will be in place as soon as possible. this is a priority for our great _ possible. this is a priority for our great british retailers so it is our priority— great british retailers so it is our priority as — great british retailers so it is our priority as well. our drive to modernise also extends to alcohol duties _ modernise also extends to alcohol duties i_ modernise also extends to alcohol duties. i have listened to industry concerns— duties. i have listened to industry concerns about the ongoing reforms and therefore i will introduce an 18 month— and therefore i will introduce an 18 month transitional measure for one duty _ month transitional measure for one duty i_ month transitional measure for one duty iwill— month transitional measure for one duty. i will also extend to cover smaller — duty. i will also extend to cover smaller killings of 20 litres and above — smaller killings of 20 litres and above to— smaller killings of 20 litres and above to help smaller breweries and at this— above to help smaller breweries and at this difficult time, we're not going — at this difficult time, we're not going alcohol duty rates rise in line with — going alcohol duty rates rise in line with rbi, so i can announce that the — line with rbi, so i can announce that the planned increase and usually — that the planned increase and usually for beer, cider, wine and four— usually for beer, cider, wine and

four spirits — usually for beer, cider, wine and four spirits will all be cancelled. now, _ four spirits will all be cancelled. now. mr— four spirits will all be cancelled. now, mr speaker, we come to the question— now, mr speaker, we come to the question of— now, mr speaker, we come to the question of personal taxation. it is an important principle that people should _ an important principle that people should keep more of the money they earn and _ should keep more of the money they earn and it— should keep more of the money they earn and it is good policy, mr speaker, to boost the incentives for work and _ speaker, to boost the incentives for work and enterprise. yesterday we introduced — work and enterprise. yesterday we introduced a bill that means the health— introduced a bill that means the health and social care levy will not be in _ health and social care levy will not be in next — health and social care levy will not be in next year, it will be cancelled. the increase in employer national— cancelled. the increase in employer national insurance contributions and dividends— national insurance contributions and dividends tax will be cancelled. and the interim — dividends tax will be cancelled. and the interim increase of the national insurance _ the interim increase of the national insurance rate brought in for this tax year— insurance rate brought in for this tax year will also be cancelled. and this cap _ tax year will also be cancelled. and this cap or this cut will take effect — this cap or this cut will take effect at _ this cap or this cut will take effect at the earliest possible moment at november the 6th, reversing — moment at november the 6th, reversing the levy that delivers a tax cut _ reversing the levy that delivers a tax cut for— reversing the levy that delivers a tax cut for 28 million people, mr speaker, — tax cut for 28 million people, mr speaker, worth an average £330 every year. _ speaker, worth an average £330 every year. a _ speaker, worth an average £330 every year. a tax _ speaker, worth an average £330 every year, a tax cut for nearly1 million

businesses — year, a tax cut for nearly1 million businesses and i can confirm the additional— businesses and i can confirm the additional funding for the nhs and social— additional funding for the nhs and social care services will be maintained at the same level. mr speaker, — maintained at the same level. mr speaker, i— maintained at the same level. mr speaker, i have another measure. today's— speaker, i have another measure. today's statement is about growth. homeownership is most common route for people _ homeownership is most common route for people to own an asset, giving them _ for people to own an asset, giving them a _ for people to own an asset, giving them a stake in the success of our economy— them a stake in the success of our economy and society. so to support growth _ economy and society. so to support growth, increase confidence and help families— growth, increase confidence and help families expound on their own home, i can announce that we are stamp duty — i can announce that we are stamp duty in— i can announce that we are stamp duty in the — i can announce that we are stamp duty. in the current system, there is no _ duty. in the current system, there is no stamp — duty. in the current system, there is no stamp duty to pay on the first £125.000 — is no stamp duty to pay on the first £125,000 of the property's value. we are doubling that £250,000. first—time buyers currently pay no stamp _ first—time buyers currently pay no stamp duty— first—time buyers currently pay no stamp duty on the first £300,000 and we are _ stamp duty on the first £300,000 and we are increasing the threshold as well to—

we are increasing the threshold as well to £425,000. and we are going to increase _ well to £425,000. and we are going to increase the value of the property— to increase the value of the property and which first—time buyers can claim _ property and which first—time buyers can claim relief from £500,000 to £625,000 — can claim relief from £500,000 to £625,000. the steps we have taken to date mean _ £625,000. the steps we have taken to date mean that 200,000 more people will be _ date mean that 200,000 more people will be taken out of paying stamp duty altogether. this is a permanent cut to _ duty altogether. this is a permanent cut to stamp duty effective from today _ cut to stamp duty effective from today i— cut to stamp duty effective from today. i have another measure, mr speaken _ today. i have another measure, mr speaker. high tax rates damage britain _ speaker. high tax rates damage britain plasma competitiveness. they reduce _ britain plasma competitiveness. they reduce the _ britain plasma competitiveness. they reduce the incentive to work, to invest— reduce the incentive to work, to invest and — reduce the incentive to work, to invest and start a business and the higher— invest and start a business and the higher the — invest and start a business and the higher the tax, the more ways people seek to _ higher the tax, the more ways people seek to avoid them or work elsewhere or simply— seek to avoid them or work elsewhere or simply worthless, rather than putting — or simply worthless, rather than putting their time and effort to more _ putting their time and effort to more creative and productive ends. take the _ more creative and productive ends. take the additional rate of income tax. take the additional rate of income tax at _ take the additional rate of income tax. at 45%, it is currently higher than _ tax. at 45%, it is currently higher than a _ tax. at 45%, it is currently higher than a headline top right in 67

countries _ than a headline top right in 67 countries like the us and italy. and it is even— countries like the us and italy. and it is even higher than social democracies like norway. but i am not going — democracies like norway. but i am not going to cut the additional rate of tax _ not going to cut the additional rate of tax today, mr speaker. i am going to abolish _ of tax today, mr speaker. i am going to abolish it — of tax today, mr speaker. i am going to abolish it altogether. from april the 23rd, _ to abolish it altogether. from april the 23rd, we will have a single higher— the 23rd, we will have a single higher rate of income tax of 40%. this will— higher rate of income tax of 40%. this will simplify the tax system and make — this will simplify the tax system and make britain more competitive and make britain more competitive and will— and make britain more competitive and will reward enterprise and work and will reward enterprise and work and will— and will reward enterprise and work and will incentivise growth and benefit — and will incentivise growth and benefit the whole economy hot country — benefit the whole economy hot country and speaker, mr speaker, after— country and speaker, mr speaker, after all. — country and speaker, mr speaker, after all, this only returns us to the top — after all, this only returns us to the top right we had for 20 years, including — the top right we had for 20 years, including the entire time the opposition was last in power bar from _ opposition was last in power bar from one — opposition was last in power bar from one months. and that is not all, from one months. and that is not all. i_ from one months. and that is not all. i can— from one months. and that is not all, i can announce today that we will cut _ all, i can announce today that we will cut the — all, i can announce today that we will cut the basic rate of income tax to— will cut the basic rate of income tax to 19p— will cut the basic rate of income tax to 19p in april 2023, when your

early— tax to 19p in april 2023, when your early and _ tax to 19p in april 2023, when your early and that means a tax cut for over— early and that means a tax cut for over 31 _ early and that means a tax cut for over 31 million people injust a few months' _ over 31 million people injust a few months' time. this means that we will have _ months' time. this means that we will have one of the most competitive and progrowth income tax systems _ competitive and progrowth income tax systems in— competitive and progrowth income tax systems in the world. mr speaker, for too _ systems in the world. mr speaker, for too long — systems in the world. mr speaker, for too long in this country, we have _ for too long in this country, we have indulged in a fight over redistribution. now we need to focus on growth _ redistribution. now we need to focus on growth, notjust how we redistribution. now we need to focus on growth, not just how we tax and spend _ on growth, not just how we tax and spend we — on growth, not just how we tax and spend. we will not apologise for managing the economy in a way that increases _ managing the economy in a way that increases prosperity and living standards. our entire focus is on making _ standards. our entire focus is on making britain more globally competitive, not losing out on competitors abroad. the prime minister— competitors abroad. the prime minister promised that we would be a government. today we have of stamp duty and _ government. today we have of stamp duty and allow businesses to keep more _ duty and allow businesses to keep more of— duty and allow businesses to keep more of their own money to invest and innovate and grow and we have cut income — and innovate and grow and we have cut income tax and national insurance _ cut income tax and national insurance for millions of workers and we _ insurance for millions of workers and we are — insurance for millions of workers and we are securing our place in a fiercely— and we are securing our place in a fiercely competitive global economy with lower rates of corporation tax and lower— with lower rates of corporation tax and lower rates of personal tax.

we promised to prioritise growth. our growth plan has delivered all those _ our growth plan has delivered all those promises and more, mr speaker. and i commend it to the house. gr and i commend it to the house. (orr die. and i commend it to the house. or die. therefore i called the shadow chancellor, — die. therefore i called the shadow chancellor, i— die. therefore i called the shadow chancellor, i informed _ die. therefore i called the shadow chancellor, i informed the - chancellor, i informed the honourable _ chancellor, i informed the honourable and... - chancellor, i informed the honourable and... i- chancellor, i informed the honourable and... i will. chancellor, i informed the. honourable and... i will call chancellor, i informed the - honourable and... i will call the chancellor— honourable and... i will call the chancellor to— honourable and... i will call the chancellor to exchequer- honourable and... i will call the chancellor to exchequer to - honourable and... i will call the i chancellor to exchequer to move a prevention — chancellor to exchequer to move a prevention of. _ chancellor to exchequer to move a prevention of, copies _ chancellor to exchequer to move a prevention of, copies of— chancellor to exchequer to move a prevention of, copies of the - chancellor to exchequer to move ai prevention of, copies of the motion are being _ prevention of, copies of the motion are being made _ prevention of, copies of the motion are being made available _ prevention of, copies of the motion are being made available in- prevention of, copies of the motion are being made available in the - prevention of, copies of the motionl are being made available in the vote office _ are being made available in the vote office i_ are being made available in the vote office. i called _ are being made available in the vote office. i called the _ are being made available in the vote office. i called the shadow— office. i called the shadow chancellor— office. i called the shadow chancellor of— office. i called the shadow chancellor of the - office. i called the shadow. chancellor of the exchequer office. i called the shadow- chancellor of the exchequer rachel reeves _ chancellor of the exchequer rachel reeves thank— chancellor of the exchequer rachel reeves. thank you, _ chancellor of the exchequer rachel reeves. thank you, i— chancellor of the exchequer rachel reeves. thank you, i would - chancellor of the exchequer rachel reeves. thank you, i would like i chancellor of the exchequer rachel reeves. thank you, i would like to| reeves. thank you, i would like to welcome _ reeves. thank you, i would like to welcome the — reeves. thank you, i would like to welcome the right _ reeves. thank you, i would like to welcome the right honourable i welcome the right honourable gentleman _ welcome the right honourable gentleman. can— welcome the right honourable gentleman. can i— welcome the right honourable gentleman. can i thank- welcome the right honourable gentleman. can i thank to i welcome the right honourable - gentleman. can i thank to demolition of the _ gentleman. can i thank to demolition of the record — gentleman. can i thank to demolition of the record of— gentleman. can i thank to demolition of the record of the _ gentleman. can i thank to demolition of the record of the last _ gentleman. can i thank to demolition of the record of the last 12 _ gentleman. can i thank to demolition of the record of the last 12 years. i of the record of the last 12 years. their— of the record of the last 12 years. their record. _ of the record of the last 12 years.

their record, their— of the record of the last 12 years. their record, their failure, - of the record of the last 12 years. their record, their failure, they. their record, theirfailure, they are vicious circle of stagnation. the